VALR stays strong in 2022

3 years ago 1

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2022 has been a rollercoaster year for crypto. But at a time when some of the biggest players in the industry are facing challenges, VALR continues to go from strength to strength.

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This year alone, the biggest crypto exchange headquartered in Africa raised $50 million in its Series B round, expanded into Zambia, and now trades more ZAR/Bitcoin than any other exchange in the world.

VALR now offers services to over 350,000 individual customers as well as more than 800 corporate clients, and has processed a cumulative total of over R175 billion in trading volume.

While the fallout from FTX has attracted plenty of news coverage, there was positive news for crypto in South Africa.

For the first time, the South African government recognised crypto as a financial services product and crypto asset service providers as “accountable institutions”, while Pick n Pay announced that it would be rolling out Bitcoin as a payment method at its stores.

Both are a sign that crypto and blockchain technology will increasingly become part of the mainstream financial services of the future.

As VALR CEO Farzam Ehsani told a media round table in Sandton in early August, “In the next 5 to 10 years, I don’t think we will see a financial institution that does not have a crypto offering.”

Highlights for VALR in 2022 include:

Raising $50 million in a Series B round, led by Pantera Capital
Launching in Zambia on 21 November as the only full-service crypto exchange in that country
First outdoor advertising campaigns, including a spectacular 37-metre-long billboard at Cape Town International Airport.
Launching on the Huawei AppGallery

New products and features included VALR Pay crypto, auto-buy for all pairs on the exchange, and shared accounts.

VALR launched over ten new trading pairs allowing customers to buy crypto with the rand, USD Coin, and kwacha.

To help support its international expansion plans, VALR partnered with CV Labs Africa and UABA, the United African Blockchain Association.

The exchange also sponsored the VIP Lounge at Cryptofest in Cape Town and supported the Joburg Startup Club. VALR grew its fully remote team to more than 80 people.

In the pipeline for 2023 are further expansion into new markets as well as new products and features.

A major focus will continue to be working with corporates and startups to #BuildOnVALR to create new products and services.

“We’ve got our heads down and we’re building,” says Ehsani.

“We’re excited about our plans for 2023 and we look forward to continuing with our mission of helping to build a financial system that recognizes the oneness of the human race.”